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Know More About Australia

Located in the Southern Hemisphere near Indonesia, New Zealand, Papua New Guinea, and Vanuatu, Australia is an island nation that makes up the Australian continent as well. It is a developed nation since it has the world's thirteenth largest economy. It is highly popular for its high life expectancy, its education, quality of life, biodiversity and tourism. Since the last five years, the house prices in Australia are on a rise. Australia’s housing market is still getting better and better. During the year to end-Q2 2017, house prices in the country’s eight major cities rose by 11.1%. This marked a sharp acceleration from an annual rise of 4.65% a year earlier as per the figures from the Australian Bureau of Statistics (ABS). House prices increased 1.9% in Q2 2017. Melbourne marked the maximum plunge, with the established house price index surging by 16% during the year to Q2 2017. This was followed by Sydney (14.8%), Hobart (12.2%), Canberra (9%), Adelaide (5.1%), and Brisbane (3.9%).

The ABS stated that the mean price of residential dwellings in Australia was AU$679,100 (US$530,173) by end-Q2 2017, up 9% from the same period last year. New South Wales, mainly Sydney, has the most expensive housing in the country, with the mean house price at AU$903,700 in Q2 2017, about 33% above the national mean house price. On the other hand, Tasmania has the cheapest housing in Australia, at a mean price of AU$360,400 over the same period. House prices in Australia rose by 44.2% from 2011 to 2016.

As far as the Residential construction activity is concerned, it is relentlessly increasing. During the first seven months of 2017, construction of dwellings in the country rose both in number and in value, by 5.6% and 9.8%, respectively as per the ABS. During the first seven months of 2017, purchases of new dwellings increased 9.4% to 19,400 units while the value of new dwelling purchases soared by 11.7% to almost AU$7.39 billion (US$5.77 billion). As per the figures provided by the Reserve Bank of Australia, in the second quarter of 2017, the total residential housing loans outstanding in the country rose by around 6.1%. The Australian Prudential Regulation Authority, the country’s regulator of the financial services industry, recently introduced new limits to interest-only lending at 30% of new mortgages.